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Happy Friday. Stock futures were falling on the last trading day of October as disappointing results from tech giants Amazon (AMZN) and Intel (INTC) rattled investors.

Amazon shares were falling 6.85% and Intel was tumbling 25.42% ahead of the bell as weak forward guidance added to investor concerns over massive AI capital expenditures.

Flash memory storage company Sandisk (SNDK) sank 8.05%, despite beating Wall Street’s first-quarter earnings and revenue forecasts, amid concerns that memory pricing may be nearing a peak and broader market jitters.

Markets finished lower Thursday as heavy losses in major technology and industrial stocks snapped a multiday winning streak.

“Global markets are ending an exceptionally busy week on a cautious note, with technology stocks once again driving the deterioration in risk appetite,” said Daniela Hathorn, senior market analyst at Capital.com.

“Alphabet’s sharp selloff highlighted growing concerns about AI-related cash burn, while Microsoft’s relatively stronger results offered a more constructive picture of monetization.”

“Amazon and Intel have now added to the uncertainty,” she added. “The message from investors is becoming clearer: strong AI demand is no longer enough on its own.”

Hathorn said companies need to demonstrate that substantial capital expenditures are translating into sustainable revenue growth, margins and free cash flow.

“This could remain a significant headwind for the Nasdaq, particularly given the concentration of market gains in a handful of technology companies,” she noted.